The financing motion explains, “Pursuant to the Motion, the Debtors seek authority to, among other things: obtain postpetition financing from the DIP Lender in the amount of $1,100,00.00; enter into the Second Amendment (as defined in the Motion); modify the Final DIP Orders; grant additional liens to the DIP Lender; continue to provide adequate assurance to the prepetition secured parties; and use Cash Collateral….By its terms, the DIP Credit Agreement will expire on February 8, 2019. The Final DIP Orders provided the Debtors with access to $29.9 million in postpetition funding. Due to the complex regulatory and licensure approval process related to the Sale, as well as the administrative costs of administering the Chapter 11 Cases, the Debtors require additional postpetition financing to fund the Chapter 11 Cases through their conclusion, including the Combined Plan and Disclosure Statement process contemplated by the Sale Order.
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The post Elements Behavioral Health – Seeks Additional $1.1mn in DIP Financing, Continued Access to Cash Collateral, Extension of DIP Facility Maturity Date appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.